Urban Splash and Grosvenor Property UK create £10m funding arrangement
Manchester-based regeneration company, Urban Splash, has signed a new £10m funding deal with Grosvenor Property UK, the company behind the Liverpool One retail centre.
The deal sees Urban Splash and Grosvenor form a land acquisition partnership that will purchase land assets and work up schemes post-purchase.
The announcement follows Grosvenor’s recent launch of its £120m residential debt strategy, led by the investment team in its UK property business.
The move signals an expansion of the property company’s regional presence which includes the 42-acre Liverpool One destination and a growing regional office portfolio.
Urban Splash director, Nathan Cornish, said: “We are proud to make this announcement and form a new venture, it will allow us to acquire more development sites so that we can add to our ever-increasing pipeline that currently stands at 5,000 homes and 500,000 sq ft of commercial space.
“We believe in the power of partnerships and to add Grosvenor to the list is a big moment for us and a further endorsement of the Urban Splash brand and our ability to source and deliver exciting new opportunities.”
Rachel Dickie, executive director, investment, Grosvenor Property UK, said: “With a significant need for new homes across the country and a softening in traditional debt markets, we see opportunities to use our experience of residential development to support the delivery of new homes by matching our capital to experienced delivery partners.
“Urban Splash has a track record of bringing forward some of the UK’s most innovative regeneration schemes and we are delighted to be able to support them to continue to expand.”
The news comes less than a year after Urban Splash announced a £43.5m refinancing deal of its commercial portfolio with Aviva.
Nathan added: “Aviva and Grosvenor are both hugely respected partners, and their support of our existing portfolio and future development plans is of great importance to us as we move into our next phase of development and growth.”
The pairing expects to announce new acquisitions in the coming months.
